HI SB1374

Establishes the Hawaii Retirement Savings Program administered by the Department of Budget and Finance to provide retirement savings accounts for private sector employees without access to employer-sponsored retirement plans.

Requires employers without a qualified retirement plan offered in the preceding five years to allow employees to contribute to program accounts through payroll deductions, with automatic enrollment and opt-out provisions.

Program features include default contribution rates, contribution escalation, pooled professional investment management, annual account reports, and portability of accounts across employers.

Prohibits employer contributions to employee accounts, guarantees of returns, and state/employer proprietary interest in contributions; provides director as trustee of all contributions and earnings.

Establishes the Hawaii Retirement Savings Program Administrative Fund supported by fees, appropriations, and transfers; directs Department of Budget and Finance to submit annual reports to Governor and Legislature; effective July 1, 2050.